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EPV variables are used where you need to change those on the fly and your process application will use the upadted values.

ENV variables are used to store your env related information like DEV-QA-UAT etc. It will be applicable to those environments only.
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The env variables are used and defined based on the environment dev, test and production etc . These values does not change frequently and can be changed from ProcessAdmin -->Installed app --> Environment Variable tabs. Once changes , it will be changed immediately. The ENV values can be changed by Admin Group only.

The EPV can be searched and changed using ProcessAdmin -->Server Admin --> Admin Tools --> EPV.  EPV Value changes can be scheduled using the tool. and It will be effective on the specified time . EPV are exposed to certain group and group member also can change the EPV value .
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EPV variables are business variable which we can change via process Admin. Example Interest rate.

ENV are non business variable also we can change via process admin.Example Datasource.

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